Adani Green Energy acquires SEIL solar power plant in Uttar Pradesh

Adani Green Energy has completed its previously announced acquisition of Spinel Energy & Infrastructure (SEIL), the holding company of a 20MW operating solar power plant in Uttar Pradesh, India.

The Adani Group company acquired the SEIL solar power plant from Hindustan Cleanenergy and Peridot Power Ventures for around INR 1.33 billion ($18.2 million).

The deal was announced in January 2021.

Located in Mahoba, the SEIL solar power plant was brought online in late 2017. The solar power project is underpinned by a power purchase agreement (PPA) signed with the state discom in Uttar Pradesh, under which it sells electricity at INR 7.54 per kWh.

Adani Green Energy acquires SEIL solar power plant in Uttar Pradesh. Photo courtesy of atimedia from Pixabay.

Earlier this month, Adani Green Energy said that its subsidiary Adani Renewable Energy Holding Fifteen Limited (AREHFL) had been issued a letter of award (LOA) for setting up a 300MW wind power project from Solar Energy Corporation of India (SECI).